Financial Risk Manager

Ways of Financial and Risk Management

Jobs in Meezan Bank Limited

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Following Jobs are open in Meezan Bank Limited

  1. Branch Manager

  2. Service Quality Coordinator

  3. Operations Manager

  4. Cash Office

Visit here to get more details about the jobs and to apply.


posted @ 3:21 PM, ,

How to Manage Funds Without Getting Further Loan?

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Some Queries by Nawaz Janjua and comments are given by Shehzad Zubairi (ACA)

Query # 1:
How will you manage the funds without taking any further loan


By delaying payments and tightening the credit policy. By getting the existing loans rescheduled.

Query # 2:
How will you plan to survive in the market keeping in view (i.e. keeping constant)
a- china factor (low prices / close compitition)
b- increasing prices of raw materail


The strategy in this respect should be made by the professionals responsible for business decisions. A finance professional, however, can advise and assist in developing a strategy through which an organisation may fight against these factors for e.g. by offering better quality and extra services such as after sale services or guarantees / warranties. Such a strategy will however require perseverance.

Products may be offered at prices lower than the market prices in order to develop a list of good big customers. Services, if any relating to products, may then be offered to these customers and may be charged for, wherever agreed upon. Ethical standards would play a key role in any business. Therefore there should be no compromise in quality and integrity whatsoever are the financial challenges.

Query # 3:
What you do do with your mistakes?


Mistake is proved to be the key for future success if one learns from his mistakes. It requires self consciousness and ability to identify the cause of bad experiences/ results in one's life.


posted @ 2:07 PM, ,

Seminar on: Detailed Introduction.. And Misconceptions About KIBOR… In Islamic Banking

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To enhance / better understanding of ICAP members about concept, structure & operating mechanism of Islamic Banking, the Northern Regional Committee is organizing seminar on Islamic Banking. Later on, the committee intends to organize seminars on Islamic Banking Products, Sukkuk, Takaful, Securitization, Risk management & ethics of trade in the light of Islam.

Current Topic Outlines: Role of Bank in Islam, Basic fundamentals of Sharia compliant banking system, Basis of determination of lending and deposit rates, Role of KIBOR in setting pricing, comparative study of conventional & Islamic banking system, Time Value Theory vs. Demand Supply Theory, Brief Introduction about Pooling & utilization of Funds Management System in Islamic Banking, Frequent Asked Questions (FAQs) about Islamic Banking etc.


1. Date / Day Saturday , October 31, 2009,
2. Venue ICAP House, Thokar Niaz Baig, Lahore
3. Schedule & Presentation Registration: 3.15-3.30
Presentation: 3.30-5.15
Asr prayer break 5.15-5.30
Presentation and Q/A Session: 5.30-6.30
Followed by Hi-Tea

Presentation by:

Mr. Amer Khalil-ur-Rehman

Mr. Amer Khalil is the Senior Vice President /Country Head, Islamic Corporate Banking, Askari Banking Ltd., - Islamic Banking Services. He has been declared Star Performer for year 2008.

He is a member Board of Studies & Members Steering Committee, School of Islamic Banking & Finance, International Islamic University, Islamabad (IIUI). He has been conducting full smester courses on AAOIFI Auditing, Accounting & Sharia Standards at IIUI, IBA, Karachi, Bahria Univeristy. He is a visiting member of panel of advisors on Islamic Banking of the Council of Islamic Ideology, Govt of Pakistan. He has been conducting regular courses at SBP’s National Institute of Banking & Finance (NIBAF) & Askari Bank Ltd. on Islamic Banking.

CPD Hours: 3 hours
Fee: Members: Rs. 300
Non-members: Rs. 500
Registration: Mr. Arshad Mahmood cell# 0302-7292914
ICAP Lahore: Tel: 042-7515708. 7515911-2 Fax: 7515910

Prior registration is encouraged. Please make it convenient to attend the above seminar and communicate the program to all your concerned staff.

Irfan Ilyas FCA
Member NRC


posted @ 11:12 PM, ,

Disclosure Policy

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This blog is a collaborative blog written by a group of individuals. This blog accepts forms of cash advertising, sponsorship, paid insertions or other forms of compensation. The compensation received may influence the advertising content, topics or posts made in this blog. That content, advertising space or post may not always be identified as paid or sponsored content. The owner(s) of this blog is compensated to provide opinion on products, services, websites and various other topics. Even though the owner(s) of this blog receives compensation for our posts or advertisements, we always give our honest opinions, findings, beliefs, or experiences on those topics or products. The views and opinions expressed on this blog are purely the bloggers' own. Any product claim, statistic, quote or other representation about a product or service should be verified with the manufacturer, provider or party in question.

This blog does not contain any content which might present a conflict of interest.

posted @ 7:08 PM, ,

ICAP Examiner Comment - Mind Blowing

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No comments at all .........

Tukke mein CA pass karna aur baat hai….zara yeh to kar ke dikhaen

Autumn 2009

Char zero aik sat likh kr dakhaen?

Examiner Comments:

Students were confused to answer. It shows that they have little kn0wledge and grip over the topic. It also shows selective studies n limited interest. They wrote 0000 instead of 4017

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posted @ 10:34 PM, ,

Economic Activity and Role of Chartered Accountants

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Commodore (Retd) Sadeed A Malik Kashir said...

Every human activity follows an Economic/Commercial pattern; if the Economic/Commercial pattern remains viable the human activity survives otherwise the human activity succumbs to times and falls. That is to say Economic/Commercial activity has to be honestly audited otherwise its viability diminishes and the activity moves towards its end. Running of countries is one of the largest human activities. The saying is true in this context as well. In running the activity honestly it depends how honestly the activity has been audited and how much deterrence the audit authorities have over the managers. It goes without saying here that the audit activity has to be honest. If the auditors themselves start misusing their deterrence for personal gains then nothing worse can happen to that human activity.

Chartered Accountants are at the very core of any country’s Economic/Commercial activities. Pakistan is rightly known to be one of the most corrupt countries in the world. USSR expired because its Economic/Commercial pattern had failed, because of corruption. Being corrupt, are we not on USSR’s path ! ! ! With this preview I would like to inform our worthy community of Chartered Accountants that if we failed in our duties the writing on the wall should be clear.

If ever anything adverse happens to Pakistan the direct responsibility shall rest with ACAP. The lawyers’ community has proved that Pakistan shall stand for the right. Now the buck is entirely with our Accountants. The cry of the time is perform your duties without any fear, favour or greed. There only lies the survival of your lovely Pakistan.

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posted @ 9:27 PM, ,

Total Number of Chartered Accountants - Geograhpical Position

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  1. AFGHANISTAN--------- 6
  2. AUSTRALIA------------ 17
  3. AZERBAIJAN -----------1
  4. BAHAMAS --------------1
  5. BAHRAIN --------------66
  6. BANGLADESH ----------1
  7. BERMUDA --------------4
  8. CANADA --------------120
  9. CAYMAN ISLANDS -----1
  10. EGYPT -----------------2
  11. GERMANY -------------2
  12. INDONESIA ------------2
  13. IRAN -------------------3
  14. IRELAND -------------15
  15. ITALY -----------------1
  16. JAPAN -----------------1
  17. JORDAN--------------- 3
  18. KENYA ----------------2
  19. KUWAIT-------------- 21
  20. LEBANON------------- 1
  21. LUXEMBOURG-------- 2
  22. MALAYSIA ------------8
  23. MOROCCO ------------1
  24. NETHERLAND ---------2
  25. NIGERIA ---------------1
  26. OMAN ----------------17
  27. PHILIPPINES ---------1
  28. QATAR ---------------16
  29. ROMANIA ------------6
  30. SAUDI ARABIA ------200
  31. SINGAPORE ---------6
  32. SOUTH AFRICA ------2
  33. SUDAN ---------------1
  34. SWITZERLAND ------1
  35. TANZANIA -----------1
  36. TURKEY -------------1
  37. U.A.E. ---------------283
  38. USA -----------------107
  39. UK------------------ 167
  40. YEMEN --------------3
  41. PAKISTAN ---------3,612

Out of toal 4,708 members of ICAP 1,096 (23%) members are outside from Pakistan and doing Great Job.


posted @ 11:25 AM, ,

Financial Instruments: Replacement of IAS 39 Project

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The International Accounting Standards Board met in London on 6 October 2009 for an additional Board meeting to continue work on the project Financial Instruments: Replacement of IAS 39,

Classification and Measurement - phase 1

􀁺 Interaction between the two classification conditions
􀁺 Amortised cost
􀁺 Fair value option (FVO)
􀁺 Reflecting changes in own credit risk for financial liabilities not measured at amortised cost
􀁺 Accounting for embedded derivatives
􀁺 Unquoted equity instruments: elimination of cost exception

Impairment - phase 2

􀁺 Guidance for variable interest rates
􀁺 Presentation and Disclosures
􀁺 Impairment - interaction with other IFRSs (IAS 28 and IFRS 4)

Hedge Accounting - phase 3

􀁺 Applying cash flow hedge accounting mechanics to a fair value
IASB will hold round table discussions in November and December 2009, on its proposals for
fair value measurement. Round tables will be held in North America, Asia and Europe. An audio recording of the round table discussions will be made available on the website shortly after each round table.

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posted @ 2:27 PM, ,

Living in Turbulant Times Like This, Must Check This

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Given the security situation in the country (and also reported abuse of communication systems and channels), everyone must be cautious. It is possibility that someone might have got a SIM (Subscriber Identity Module) against your ID (CINC). I suggest you check and find out the total number of SIM(s) registered against their respective CNIC number with each mobile operator.

Pakistan Telecommunication Authority (PTA) has developed a SIM (Subscriber Identity Module) information system to address associated risks on security and to ensure subscription regulations in cellular sector. {X-Posted From}

posted @ 5:52 PM, ,

ICAP Clarifies Its Role in the Tax Audit Function

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Mr. Saqib Masood, Chairman Taxation Committee of the Institute of Chartered Accountants of Pakistan (ICAP) in a statement has expelled misleading facts reported in a news item appeared in the Business Recorder on 15th October, 2009. Mr. Masood explained that in June 2009 ICAP and the Federal Government signed a Memorandum of Understanding (MOU) whereby as a national cause, ICAP agreed to develop a framework for outsourcing of tax audit by the FBR to be carried out by the firms of Chartered Accountants. Accordingly, ICAP developed a Tax Audit Framework (TAF) and submitted to the FBR for appropriate action. As per the terms of this TAF it would be exclusive domain and responsibility of the FBR to select the companies to be audited and appointment of auditors.

Mr. Masood expressed his surprise at the news item stating that FBR has directed ICAP to maintain independence while selecting the firms of auditors. He said that as per TAF developed by ICAP it is sole and exclusively authority of the FBR to select cases for audit and appoint firms of Chartered Accountants as auditors. Mr. Masood emphasized that ICAP will have no role or responsibility whatsoever in selection of cases or appointment of auditors. Further, under the TAF, FBR cannot direct ICAP for implementation of the said TAF.

Explaining further Mr. Masood said that ICAP has accepted the challenge of developing Tax Audit Framework for FBR as a national cause on the request of the Finance Minister who desired ICAP’s role and support in improving tax audit system. He said that ICAP as a premier national institution will continue to play it’s role for national interest. ICAP will hold workshops for its members to explain terms of TAF and provide them guidance on technical aspects of the proposed tax audit by its members. He however, made it clear that there will be a direct engagement contract between FBR and the CA firms to undertake audit assignments. ICAP will have no role in selection of cases, appointment of auditors or conducting of audit and reporting.

Mr. Saqib Masood said that this clarification is important to put the facts in correct perspective to avoid any confusion about the role of ICAP in the process.


posted @ 9:43 PM, ,

ICAEW Representative in Pakistan

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For ICAP Members

Mr. Justin West (ICAEW Representative) will be conducting Free Seminar in Karachi and Lahore on 23rd and 26th October, 2009 respectively on ICAEW Qualification in Pakistan and to answer students? unique ongoing questions including on changes in MoU with ICAP. The Chief Executive of Emile Woolf Pakistan (EWP), Mr. Mohammad Maqbool, FCA will also be available at Seminar to further clarify the study system approach for ICAEW Exams.

The Seminars will be conducted according to following Schedules:

Karachi: Friday 23rd October, 2009
Venue: ICAP Auditorium
Arrival of Guests: 03.15 pm
Presentations: 03.30 pm
Hi-Tea: 05.30pm

Lahore: Monday 26th October, 2009
Venue: Royal Palm, Golf and Country Club
Arrival of Guests: 4:15 pm
Presentations: 4:30 pm
Hi-Tea: 06.00 pm

Please confirm your participation by registering your particulars here.

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posted @ 10:57 AM, ,

Jobs in Descon Engineering Limited

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Descon Engineering Limited is a well recognized multi-dimensional engineering and construction company operating in Pakistan and the Middle East. With over 350 million man-hours of construction work executed in industrial and infrastructure projects, Descon employs 20000 professionals and other personnel.

The services portfolio covers project management, engineering, procurement, construction, maintenance, and manufacturing of process equipment for the sectors of Oil & Gas, Chemical/Petrochemical, Power, Fertilizer, Cement, and Infrastructure.

To View the latest available jobs visit here.


posted @ 1:24 PM, ,

50 Common Interview Questions and Answers

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Review these typical interview questions and think about how you would answer them. Read the questions listed; you will also find some strategy suggestions with it.

1. Tell me about yourself:

The most often asked question in interviews. You need to have a short statement prepared in your mind. Be careful that it does not sound rehearsed. Limit it to work-related items unless instructed otherwise. Talk about things you have done and jobs you have held that relate to the position you are interviewing for. Start with the item farthest back and work up to the present.

2. Why did you leave your last job?

Stay positive regardless of the circumstances. Never refer to a major problem with management and never speak ill of supervisors, co-workers or the organization. If you do, you will be the one looking bad. Keep smiling and talk about leaving for a positive reason such as an opportunity, a chance to do something special or other forward-looking reasons.

3. What experience do you have in this field?

Speak about specifics that relate to the position you are applying for. If you do not have specific experience, get as close as you can.

4. Do you consider yourself successful?

You should always answer yes and briefly explain why. A good explanation is that you have set goals, and you have met some and are on track to achieve the others.

5. What do co-workers say about you?

Be prepared with a quote or two from co-workers. Either a specific statement or a paraphrase will work. Jill Clark, a co-worker at Smith Company, always said I was the hardest workers she had ever known. It is as powerful as Jill having said it at the interview herself.

6. What do you know about this organization?

This question is one reason to do some research on the organization before the interview. Find out where they have been and where they are going. What are the current issues and who are the major players?

7. What have you done to improve your knowledge in the last year?

Try to include improvement activities that relate to the job. A wide variety of activities can be mentioned as positive self-improvement. Have some good ones handy to mention.

8. Are you applying for other jobs?

Be honest but do not spend a lot of time in this area. Keep the focus on this job and what you can do for this organization. Anything else is a distraction.

9. Why do you want to work for this organization?

This may take some thought and certainly, should be based on the research you have done on the organization. Sincerity is extremely important here and will easily be sensed. Relate it to your long-term career goals.

10. Do you know anyone who works for us?

Be aware of the policy on relatives working for the organization. This can affect your answer even though they asked about friends not relatives. Be careful to mention a friend only if they are well thought of.

11. What kind of salary do you need?

A loaded question. A nasty little game that you will probably lose if you answer first. So, do not answer it. Instead, say something like, That’s a tough question. Can you tell me the range for this position? In most cases, the interviewer, taken off guard, will tell you. If not, say that it can depend on the details of the job. Then give a wide range.

12. Are you a team player?

You are, of course, a team player. Be sure to have examples ready. Specifics that show you often perform for the good of the team rather than for yourself are good evidence of your team attitude. Do not brag,just say it in a matter-of-fact tone. This is a key point.

13. How long would you expect to work for us if hired?

Specifics here are not good. Something like this should work: I’d like it to be a long time. Or As long as we both feel I’m doing a good job.

14. Have you ever had to fire anyone? How did you feel about that?

This is serious. Do not make light of it or in any way seem like you like to fire people. At the same time, you will do it when it is the right thing to do. When it comes to the organization versus the individual who has created a harmful situation, you will protect the organization. Remember firing is not the same as layoff or reduction in force.

15. What is your philosophy towards work?

The interviewer is not looking for a long or flowery dissertation here. Do you have strong feelings that the job gets done? Yes. That’s the type of answer that works best here. Short and positive, showing a benefit to the organization.

16. If you had enough money to retire right now, would you?

Answer yes if you would. But since you need to work, this is the type of work you prefer. Do not say yes if you do not mean it.

17. Have you ever been asked to leave a position?

If you have not, say no. If you have, be honest, brief and avoid saying negative things about the people or organization involved.

18. Explain how you would be an asset to this organization

You should be anxious for this question. It gives you a chance to highlight your best points as they relate to the position being discussed. Give a little advance thought to this relationship.

19. Why should we hire you?

Point out how your assets meet what the organization needs. Do not mention any other candidates to make a comparison.

20. Tell me about a suggestion you have made

Have a good one ready. Be sure and use a suggestion that was accepted and was then considered successful. One related to the type of work applied for is a real plus.

21. What irritates you about co-workers?

This is a trap question. Think real hard but fail to come up with anything that irritates you. A short statement that you seem to get along with folks is great.

22. What is your greatest strength?

Numerous answers are good, just stay positive. A few good examples:Your ability to prioritize, Your problem-solving skills, Your ability to work under pressure, Your ability to focus on projects, Your professional expertise, Your leadership skills, Your positive attitude.

23. Tell me about your dream job.

Stay away from a specific job. You cannot win. If you say the job you are contending for is it, you strain credibility. If you say another job is it, you plant the suspicion that you will be dissatisfied with this position if hired. The best is to stay genetic and say something like: A job where I love the work, like the people, can contribute and can’t wait to get to work.

24. Why do you think you would do well at this job?

Give several reasons and include skills, experience and interest.

25. What are you looking for in a job?

See answer # 23

26. What kind of person would you refuse to work with?

Do not be trivial. It would take disloyalty to the organization, violence or lawbreaking to get you to object. Minor objections will label you as a whiner.

27. What is more important to you: the money or the work?

Money is always important, but the work is the most important. There is no better answer.

28. What would your previous supervisor say your strongest point is?

There are numerous good possibilities: Loyalty, Energy, Positive attitude, Leadership, Team player, Expertise,Initiative, Patience, Hard work, Creativity, Problem solver

29. Tell me about a problem you had with a supervisor

Biggest trap of all. This is a test to see if you will speak ill of your boss. If you fall for it and tell about a problem with a former boss, you may well below the interview right there. Stay positive and develop a poor memory about any trouble with a supervisor.

30. What has disappointed you about a job?

Don’t get trivial or negative. Safe areas are few but can include: Not enough of a challenge. You were laid off in a reduction Company did not win a contract, which would have given you more responsibility.

31. Tell me about your ability to work under pressure.

You may say that you thrive under certain types of pressure. Give an example that relates to the type of position applied for.

32. Do your skills match this job or another job more closely?

Probably this one. Do not give fuel to the suspicion that you may want another job more than this one.

33. What motivates you to do your best on the job?

This is a personal trait that only you can say, but good examples are: Challenge, Achievement, Recognition

34. Are you willing to work overtime? Nights? Weekends?

This is up to you. Be totally honest.

35. How would you know you were successful on this job?

Several ways are good measures: You set high standards for yourself and meet them. Your outcomes are a success.Your boss tell you that you are successful

36. Would you be willing to relocate if required?

You should be clear on this with your family prior to the interview if you think there is a chance it may come up. Do not say yes just to get the job if the real answer is no. This can create a lot of problems later on in your career. Be honest at this point and save yourself future grief.

37. Are you willing to put the interests of the organization ahead ofyour own?

This is a straight loyalty and dedication question. Do not worry about the deep ethical and philosophical implications. Just say yes.

38. Describe your management style.

Try to avoid labels. Some of the more common labels, like progressive, salesman or consensus, can have several meanings or descriptions depending on which management expert you listen to. The situational style is safe, because it says you will manage according to the situation, instead of one size fits all.

39. What have you learned from mistakes on the job?

Here you have to come up with something or you strain credibility. Make it small, well intentioned mistake with a positive lesson learned. An example would be working too far ahead of colleagues on a project and thus throwing coordination off.

40. Do you have any blind spots?

Trick question. If you know about blind spots, they are no longer blind spots. Do not reveal any personal areas of concern here. Let them do their own discovery on your bad points. Do not hand it to them.

41. If you were hiring a person for this job, what would you look for?

Be careful to mention traits that are needed and that you have.

42. Do you think you are overqualified for this position?

Regardless of your qualifications, state that you are very well qualified for the position.

43. How do you propose to compensate for your lack of experience?

First, if you have experience that the interviewer does not know about, bring that up: Then, point out (if true) that you are a hard working quick learner.

44. What qualities do you look for in a boss?

Be generic and positive. Safe qualities are knowledgeable, a sense of humor, fair, loyal to subordinates and holder of high standards. All bosses think they have these traits.

45. Tell me about a time when you helped resolve a dispute betweenothers.

Pick a specific incident. Concentrate on your problem solving technique and not the dispute you settled.

46. What position do you prefer on a team working on a project?

Be honest. If you are comfortable in different roles, point that out.

47. Describe your work ethic.

Emphasize benefits to the organization. Things like, determination to get the job done and work hard but enjoy your work are good.

48. What has been your biggest professional disappointment?

Be sure that you refer to something that was beyond your control. Show acceptance and no negative feelings.

49. Tell me about the most fun you have had on the job.

Talk about having fun by accomplishing something for the organization.

50. Do you have any questions for me?

Always have some questions prepared. Questions prepared where you will be an asset to the organization are good. How soon will I be able to be productive? And what type of projects will I be able to assist on? are examples.

(Excerpted from the book The Accelerated Job Search by Wayne D. Ford, Ph.D,published by The Management Advantage, Inc.)


posted @ 11:54 AM, ,

Most Common CV Mistakes

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Don’t give recruiters reasons not to include your CV on their shortlist; here are the top 10 most common CV mistakes to avoid.

Poor spelling and grammar

By far the most common mistake and yet the most important thing to get right to make a good first impression. Get your CV checked and checked again by friends to ensure it’s perfect.

Too long

The average recruiter spends less than 60 seconds scanning a CV, so keep it to two pages or three at most for those in senior positions.

Using fancy formatting

Remember what looks great on your PC screen might not display well elsewhere so keep formatting to a minimum. Recruitment consultancies often use their own templates, so make sure your CV is easy to copy and paste.

Starting at the beginning

Recruiters want to know what you’ve done recently, so list your work experience in reverse chronological order and place your educational achievements after your work experience.

Too fluffy

Great project manager, good communicator, dedicated employee – all great skills but worthless unless you demonstrate what you achieved. Ensure everything you say is quantified by specifying the actions you took and the results and/or benefits.

Leaving gaps

Your CV should read as a continuous, chronological flow of activities, so make sure you explain any gaps such as travelling, maternity leave, sabbaticals etc.

Trying to cover things up

In the current economy, stating that you were made redundant doesn’t reflect badly on you. And if you don’t include it the reader might assume you were fired.

Including irrelevant information

If you’re unsure whether to include something, ask yourself: does this impact my ability to do the job? If no, leave it off. This includes: age, gender, marital and
parental status and religion.

Too much about your interests and hobbies

Although your hobbies and activities may be really interesting, unless they’re relevant to the role or demonstrate a particular skill, keep this section to a minimum.

Having one version of your CV

This is one of the best-kept recruitment secrets: every role is different, so tailor your CV to that role. Go through the job spec and emphasise your relevant skills and experience on your tailored CV.

By Charlotte Tracy

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posted @ 12:52 PM, ,

Advance Income Tax

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Pay you First Quarterly installment of Advance Income Tax (Companies other than banking companies) by 15th October, 2009.

Companies other than banking companies are liable to pay advance income tax for the current year in four installments.

Calculation Formula: (A x B/C)- D

A = is the taxpayer's turnover for the quarter
B = is the tax assessed to the taxpayer for the latest tax year
C = is the taxpayer's turnover for the latest tax year
D = is tax paid in the quarter for which tax credit is allowed under section 168, other than tax deducted under section 155


posted @ 10:07 AM, ,

Islamic Banking Products and Services

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Islamic Banking Institutions of Pakistan are offering a wide range of Shariah Compliant products & services. Murabaha is dominating the financing portfolio of IBIs. Similarly, Ijara, Musharaka and Diminishing Musharaka are also used depicting a noticeable share in total financing of IBIs. However, Mudaraba, Salam and Istisna portfolios still needs to be triggered. May be, in the coming years, by introduction the Shariah compliant Agricultural products, their share get increased. Presently, these financing have relatively small share as compared to Murabaha and Diminishing Musharaka.

A comprehensive range of Islamic Banking products and services is being offered, in order to meet customer's demand of Shariah Compliant Banking, in the following areas:

 Corporate /SME Banking
 Investment Banking
 Trade Finance
 General Banking
 Consumer Banking

Islamic Banking products have to be approved by the Bank's Shariah Advisor as instructed vide IBD Circular 2 of 2008. As per Shariah requirements, funds and products of Islamic Banking are managed separately from the Conventional Banking side. All funds obtained, invested and shared in Halal modes & investments, under supervision of the Shariah Advisor.

In order to ensure compliance with minimum Shariah standards by the banks conducting Islamic banking in Pakistan, the Commission for Transformation of Financial System set up in the SBP approved essentials of Islamic modes of financing.

These are model agreements which have been approved in line with Supreme Court Judgement on Riba. These include Musharaka, Mudaraba, Murabaha, Musawama, Leasing, Salam and Istisna. These model agreements are expected to facilitate the existing Islamic banking sector in creating awareness about Islamic banking products and to develop such products. These model agreements, however, can be modified, in conformity to the products designed by the banks conducting Islamic banking business. But to bring any kind of change in these model agreements, banks conducting Islamic banking operations, will seek approval of the Shariah Board of Islamic Commercial Banks or Shariah Adviser of banks having Islamic banking branches, ensuring that such changes are consistent with the principles of Shariah.

The industry over the years has managed to offer a wide array of products encompassing almost the entire range of Islamic modes of financing that are able to cater to the needs of majority of the sectors of the economy.

Asset Side

The segments covered by the industry through various Shariah compliant modes such as Murabaha, Mudaraba, Musharaka, Ijarah, Diminishing Musharaka, Salam, Istisna, Wakala and Islamic Export Refinance etc. include

• Corporate / Commercial,
• Agriculture,
• Consumer,
• Commodity Financing,
• SME sector,
• Treasury & Financial Institutions.

Also with the increased issuance of Sukuk by corporates investments of IBIs in these Shariah compliant instruments is on the rise.

Liability Side

On the Liability side, Islamic Banking Industry offers various Shariah compliant deposit schemes that are available for customers to invest their funds. These include

• Current Accounts,
• Basic Banking Account,
• Savings Accounts,
• Term Deposits of various maturities, and
• Certificates of Investment etc.

Current Account is mostly being offered on Qard basis whereas Mudaraba is the preferred mode used by Islamic banks for offering savings accounts, term deposits & certificates of investment.

Some full fledged banks are also offering investment banking products and services including Sukuk Arrangement, Financial Advisory, Private Placement, Syndication, Trusteeship, Underwriting, Structured Finance, Listing on Capital Markets, Project Financing, Mergers & Acquisitions etc. Further, a variety of other ancillary services are also being offered in a Shariah compliant manner such as

• Bonds & Guarantees,
• Letters of Credit
• Remittances ( local & International),
• Online banking,
• ATM/debit card ( including Visa),
• Safe deposit lockers and
• Utility bill payments etc.
• Collection of export bills, assignment of export / local bills
• Inter-Bank funds transfer facility through ATM,
• E-Statement facility,
• Lockers,
• Phone Banking and 24 /7 Call Centre service.
• Deposit accepting ATMs


posted @ 10:34 AM, ,

Annual General Meeting

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The 48th Annual General Meeting of Institute of Chartered Accountants of Pakistan will be held on Wednesday, October 28, 2009 at 6:00 pm at ICAP Office Islamabad.


The proceeding of meeting will commence with the recitation of Holy Quran and will have following agenda.
  1. Confirmation of minutes of 47th Annual General Meeting.

  2. Consideration and adoption of the Council and Anuual Audited Accounts for the year ended 30-06-2009.

  3. Appointment for the Auditors for the year ended 30-06-2010

  4. Any other business with the permissio of Chair.

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posted @ 12:44 AM, ,

Hedging Technique - Forward Contracts

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Query from Abdul Haseeb

I want to ask regarding hedging techniques, if a company import raw material and pay their debt after two months from receiving of goods by this means the company may bear exchange loss due to price fluctuation risk, In my opinion this... type of risk can be mitigate through hedging techniques such as forward contacts. Please let me know that forward contracts are permissible now a days?

Comment: No, These days State Bank of Pakistan does not allow to book forward rates against imports as this transaction was intentially used for forged transaction.

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posted @ 12:41 PM, ,

Jobs in Petroleum Sector

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A Petorleum Exploration and Production company operating in the public sector invites applications from qualified, hardworking, energetic and self motivated personnals for its onshore and offshore ventures for the follwoing positions;

Director Finance / Chief Financial Officer

Qualification: Chartered Accountant (FCA)
Experience: 15 years

Chief Internal Auditor

Qualification: Chartered Accountant / Certified Internal Auditor / MBA Finance
Experience: 05 years

To apply for the above jobs send your CVs here latest by 26-10-09


posted @ 10:44 AM, ,

Last Date to File Income Tax Returns

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Remember - Its 20th October, 2010

Who has to file return?

  • Business individuals and AOPs

  • Companies where accounts are closed on 30-12-2008

  • Salaried individuals having income other than salary

  • Employees claiming refund

  • Those who availed investment tax scheme 2008

  • Owners of immovable property (with land area of 250 sq. yards or more) or owner of a flat in specified areas

  • Non-corporate cases with property income

  • Non-corporate taxpayers having business income and having income falling under PTR

E-Filing of Income Tax Returns

Compulsory for

  • Corporate

  • Taxpayers registered for Sales Tax

  • Association of Persons - AOPs

  • Salaried individuals having income of Rs.500,000/-

  • Claimant of refunds

  • Optional for other non-corporate Taxpayers

Last Date for Filing of IT Returns

  • Individuals, AOPs (IT-2) = 20th October 2009

  • Companies where accounts closed on 31-12-2008 (IT-1) = 20th October 2009

  • Companies where accounts closed on 30-06-2009 (IT-1) = 31th December 2009

Remember: Filing of Wealth Statement along with the returns is mandatory in case of individuals with income of Rs.500,000/- or more.

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posted @ 1:08 PM, ,

Barack Obama - Nobel Prize Winner

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48 Years Old Lawyer, 2 daughters

  • 1961 - Born on August 04 in Hawaii

  • 1983 - Studies Political Science at Columbia University

  • 1985 - Social Worker in Chicago

  • 1991 - Studies Law at Harvard, Elected first Afro-American president of the Harvard Law Review

  • 1992 to 1995 - Civil Rights lawyer and lecturer in law at Chicago University

  • 1996 - Elected to Illinois state senate

  • 2004 - Elected to US Senate after inspirational speeck to Democratic Convention

  • Feb 2007 - Announces "Improbable quest" to become president

  • Nov 04, 2008 - Wins US Presidential election with 53% of the vote

  • 2009 - Starts neclear arms cuts talks with Russia, Kick starts Middleast Peace Process, Vows to close Guantanamo jail and take action on climate change

  • Oct 09 2009 - Wins Nobel Peace Prize for "extra ordinary" efforts to strengthen international diplomacy.

My Question to all is that would he deserve to get this Nobel Peace Prize


posted @ 11:10 AM, ,

Current Treasury Rates

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Click to enlarge

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posted @ 10:30 PM, ,

Guideline for Accounting and Financial Reporting by Non-Government / Non-Profit Organisations

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Guidelines are recommendations to help and to promote sound financial systems and financial stability, locally as well as globally. They play an important role in strengthening financial development and in reducing vulnerability of financial statements to various creative accounting practices adopted in different industries. Guidelines vary in scope and range from broad principles to specific accounting and financial reporting methodologies.

The Guideline for Accounting and Financial Reporting by Non-Governmental/Not-for-Profit Organisations (NGOs/NPOs) has been developed in order to promote transparency, accountability and to develop, disseminate and promote implementation of better accounting standards and best practices for NGOs/NPOs. In developing this Guideline, the Institute has considered the ‘SAFA Standard and Guideline for NPOs (including NGOs)’.

The specific objectives of developing this Guideline also include:

The following aspects have been considered in developing the Guideline:

Visit here to see all details of Guidelines

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posted @ 1:05 PM, ,

International Monetary Fund (IMF)

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posted @ 9:39 AM, ,

One of the Ways of Using Extra Money

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posted @ 1:37 PM, ,

Money as a Medium of Exchange

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Well this recalling of all loans things and money not being available to pay interest and thus need to create more money as debt (as also supposedly originally created as debt earlier as well) its all seemed a flawed notion and logic....lets suppose we are starting it all from scratch and are currently dealing in barter trade and no cash, currency, money or notes or coins (whatever you call) now we want a cash and money based trading system where money represent a medium of exchange instead of barter system.

Even before going ahead to print notes and mint coins and deciding about their various denominations and values (which offcourse be in numbers or numerals whatelse?) and also to measure in similar way all kinds of existing measurable goods, assets and services being produced or likely to be produced in near future in an economy and then assign them appropriate and reasonable values and prices (and mind you certain things either tangible or intangible cant be priced or even valued like say human beings although their capabilities and skills can be asigned certain values) and then venture into introducing the real money notes and coins with complete backing and enforceability of state and its machinery and make it a legal tender nothing tell me where does the debt came in all this?

And by the way you are right about 1997 east asian crisis and about the role played by influential players in manipulating the markets....many other scndals too prove the current system indeed is fragile, vulnerable and prone to abuse but whats the solution....we cant move on another system unless it is readily available and cn be switched to easily and it does not even seem to be the case...and to build a new sound system requires much gigantic effort and time.

And yeah fee is a misnomer as under its criteria market forces did decided about the bankruptcy of many giants and institions but they were all bailed out using tax payers its a fallacious system but still capitalisitc economy in its other aspects is ruling the roost....and by the way you may be right about Fed chairman speeches and so many other camoflauged economic jargon but is it really the case although one may suspect it....for instance take the interest rates hikes or maintenance or lowering by Fed or any central any such anticipated or actual decision does affects the markets as cost of borrowing funds would be affected and so it naturally have an effect whever a fed chairman says something to that effect....its a long discussion ...lets take it up in further parts in a coherent way.


posted @ 11:40 AM, ,

Economic and Business Review from 28-09-09 to 03-10-09

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posted @ 11:57 AM, ,

Who Should Have a Blog?

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Who all should have a blog? The answer depends on who is being asked this question. Given my personal interest, I say everyone should have a blog.

For marketers, public relations professionals, writers and all those who need to reach out with their ideas and or products and services, blogs are a must; easier, cheaper, convenient. But think outside the box and you will find people have experiences to share, stories to tell and put the things on record. They all need a blog.

Other day I was suggesting to diplomat to have a blog. I remember getting a lot of publicity stuff from different embassies in my school years. Almost all embassies and consulates have publications to tell their governments’ policies and influence the public in whatever way they can. In the age when presidents of the states (Presidents of Iran and USA are known to have their own blogs), I argued that blogs should be a must for any diplomat. Anyone in foreign department listening?

Let me conclude the post on this statement; those who can’t have a blog should at least have a printing press.

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posted @ 1:47 PM, ,

Jobs in Coca Cola Beverages Pakistan Limited

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Industry: Fast Moving Consumer Goods (FMCG)
Category: Sales
Job Type: Full Time ( firstshift )
Job Location: Karachi
Age: 24 - 28 Years
Education: Bachelor's Degree - Master's Degree
Degree Title: MBA (Mkt)
Career Level: Entry Level
Required Experience: 2 Years - 3 Years(Sales Eeperience)
Require Travel: 75%
To see more jobs and to apply visit here


posted @ 12:17 PM, ,

ICAEW - Paper Pass Rates of Advanced Module

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The paper pass rates for the Advanced Stage Examinations of last attempt 2009 are shown below. Paper Pass Rates

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posted @ 2:53 PM, ,

Light Within

Blog Roll

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